Rep. Michele Bachmann wants Congress to hang onto the $350 billion of the bailout package that hasn’t already been spent. She’s a co-sponsor of a joint resolution of disapproval, H.J.RES 101.
“Taxpayer bailout after taxpayer bailout has yet to provide the promised stability to the markets. The American people were sold a false bill of goods. They’ve been watching their hard-earned tax dollars and their children’s future spent to shore up banks and financial institutions with no positive impact on their family’s economic well-being,” she said.
Under the terms of the legislation passed in October, the U.S. Treasury immediately could spend up to $350 billion of the total $700 billion allocated in the Wall Street bailout law. Most of that has been spent.
Congress has the authority, however, to withhold the remaining $350 billion, she said.
In recent days, the Treasury inspector general has noted the failure to execute the oversight provisions of the bailout bill, she said, noting that Treasury Secretary Henry Paulson has changed the plan for use of funds several times, and that the market has failed to respond favorably thus far to the efforts.